Authors: Jordan NEW DELHI: ICICI Bank rose 2 per cent on Monday ahead of its March quarter results.
The stock gained even as some brokerages expect the lender to report 30-35 per cent drop in profit.The stock went up 1.59 per cent to hit a high of Rs 287.45 on the BSE.Motilal Oswal Securities sees 32 per cent annual drop in ICICI bottom line, predicting a slide of 1.6 per cent in net interest income (NII).
The brokerage house believes that asset quality of the lender may worsen, projecting a jump in gross non-performing assets (GNPAs) to 9.8 per cent during the quarter under review, from 7.9 per cent a year ago.
Percentage of net NPA may firm up to 5.20 per cent, from 4.90 per cent a year earlier.Systematix Shares Stocks expects a 35.70 per cent year-on-year (yoy) decline in standalone net profit at Rs 1,301.90 crore for ICICI Bank.
The figure read Rs 2,024.60 crore in the same quarter last year.Axis Capital and Sharekhan also forecast nearly 35 per cent fall in net profit for ICICI Bank for January-March.